Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with revenue reaching approximately 2.593 billion yuan, a year-on-year growth of 27% [1] - The net profit attributable to shareholders surged to 65.924 million yuan, reflecting a remarkable year-on-year increase of 504.4% [1] - Adjusted net profit for the period was 91.42 million yuan, up 79.6% year-on-year, indicating strong operational performance [1] Store Expansion - As of June 30, 2025, the company operated 1,198 stores across 48 cities in mainland China, with 43% located in first-tier cities and 57% in non-first-tier cities [1] - The company plans to open 300 new stores in 2025, having already opened 190 new stores in the first half of the year [1] - As of August 15, 2025, the company had opened an additional 43 stores, with 27 under construction and 35 signed contracts, supporting the goal of 300 new stores for the year [1] Membership Growth - The company achieved a membership base of 30.1 million, representing a year-on-year growth of over 55% [2] - Membership sales contributed 66% to total sales, highlighting the company's effectiveness in customer acquisition and retention [2] - The rapid expansion of the store network, combined with accelerated digital application penetration, has significantly enhanced the company's customer base [2]

Core Viewpoint - Dashi Holdings (01405) reported strong financial results for the first half of 2025, with significant revenue and profit growth, driven by store expansion and strong sales performance in both new and existing markets [1][2] Financial Performance - Revenue for the first half of 2025 reached approximately 2.593 billion yuan, representing a year-on-year increase of 27% [1] - Profit attributable to the company's owners was 65.924 million yuan, showing a remarkable year-on-year growth of 504.4% [1] - Adjusted net profit stood at 91.42 million yuan, up 79.6% year-on-year [1] - Basic earnings per share were reported at 0.5 yuan [1] Store Expansion - As of June 30, 2025, the company operated 1,198 stores across 48 cities in mainland China [1] - Among these, 515 stores were located in first-tier cities, accounting for 43% of the total, while 683 stores were in non-first-tier cities, making up 57% [1] - The company plans to open 300 new stores in 2025, having already opened 190 new stores in the first half of the year [1] - As of August 15, 2025, an additional 43 stores were opened, with 27 under construction and 35 signed for future openings, indicating a strong pipeline to meet the 2025 target [1] Membership Growth - The company reported a membership base of 30.1 million, reflecting a year-on-year growth of over 55% [2] - Membership sales contributed to 66% of total sales, highlighting the company's effectiveness in customer acquisition and retention [2] - The rapid expansion of the store network, combined with accelerated digital application penetration, has significantly enhanced the company's customer base [2]

一图看懂达势股份(01405.HK)2025年中期业绩回顾 ...

格隆汇8月28日｜达势股份(1405.HK)今日公布截至2025年6月30日的中期财报，上半年公司业绩强劲增 长，营收净利双增。其中，营收25.9亿元（人民币，下同），同比增长27%；净利润同比大增504.4%至 6,592万元，净利率同比上升200个基点至2.5%；经调整净利润同比增长79.6%至9,142万元，经调整净利 润率同比上升100个基点至3.5%；经调整EBITDA同比增长38.3%至3.23亿元，经调整EBITDA利润率同 比上升100个基点至12.4%，盈利能力稳步攀升。 截至2025年6月30日，达势股份在中国大陆48个城市运营1,198家门店，按门店数量计算，中国大陆市场 在达美乐比萨全球市场中排名第三；以中国大陆比萨销售额排名，达美乐比萨已成为中国大陆第二大比 萨品牌。自2022年12月进入中西部市场以来，公司两年半时间内新开超100家门店，中西部市场拓展迅 速。新市场屡次刷新全球记录也展现了品牌强劲势能，其中，沈阳首店仅198天以逾3,100万元的销售额 创下全球年度销售纪录；邯郸首店首日创超54万元的销售额、单日超6,000笔订单的记录，刷新达美乐 全球记录。截至2025年6月30 ...

Major Events - Sihuan Pharmaceutical Holdings Group Ltd. successfully administered the first human dose of the new radiopharmaceutical conjugate drug 3D1015 [1] - Shenzhen International's joint venture Shenzhen Airlines plans to raise a total of 16 billion yuan in a phased capital increase [1] - Kangzheng Pharmaceutical received clinical trial approval for its innovative oral small molecule JAK1 inhibitor Povorcitinib for indications of vitiligo and suppurative hidradenitis [1] - Ruihe Digital signed a framework agreement with Tielin Superlight Technology to jointly advance the business of real-world asset tokenization [1] - Zhongxu Future will operate and launch a new mobile game "Miracle MU" titled "New Moon Continent" [1] Financial Performance - Noah Holdings reported a net profit attributable to shareholders of 179 million yuan for Q2, a year-on-year increase of 79% driven by strong growth in investment product distribution [1] - Trip.com Group reported a net profit of 4.846 billion yuan for Q2, an increase of 26.43% year-on-year [1] - Shijiazhuang Pharmaceutical Group announced a mid-year profit attributable to equity holders of approximately 283.5 million HKD, a year-on-year decrease of about 58.7% [1] - Zhongsheng Holdings reported a mid-year profit attributable to shareholders of 1.011 billion yuan, a decrease of 36% year-on-year [1] - SF Express City reported an adjusted net profit of approximately 160 million yuan, a year-on-year increase of 139% [1] - Baidu's subsidiary reported a mid-year profit attributable to shareholders of 47.999 million yuan, returning to profitability [1] - Li Auto reported a net profit of 1.093 billion yuan for Q2, a decrease of 0.91% year-on-year [1] - Shanghai Industrial Holdings reported a mid-year profit attributable to shareholders of 1.042 billion HKD, with an interim dividend of 0.42 HKD per share [1] - Beijing Holdings reported a mid-year profit attributable to shareholders of 3.404 billion yuan, an increase of 8.07% year-on-year [1] - Qingdao Port reported a net profit of 2.842 billion yuan, a year-on-year increase of 7.58% [1] - New China Life Insurance reported a net profit of 14.799 billion yuan, a year-on-year increase of 33.5% [1] - China Galaxy Securities reported a net profit of 6.488 billion yuan, a year-on-year increase of 47.86% [1] - China Taiping reported a 12.2% increase in shareholder profit, with a nearly 23% high growth in life insurance new business value [1] - China Resources Gas reported a mid-year profit attributable to shareholders of 2.403 billion HKD, a year-on-year decrease of 30.5% [1] - SF Holding reported a net profit of 5.738 billion yuan, a year-on-year increase of 19.37%, with volume growth exceeding the overall express delivery industry [1] - SMIC reported a net profit of approximately 320 million USD, a year-on-year increase of 35.6% [1] - SenseTime reported a revenue growth of 35.6% year-on-year, reaching 2.358 billion yuan [1] - BeiGene reported a net profit of 95.59 million USD, returning to profitability [1] - Fubo Group reported a mid-year net profit exceeding 100 million, driven by AI [1] - CITIC Securities reported a net profit of 13.719 billion yuan, a year-on-year increase of 29.79% [1] - Huadian International Power reported a net profit of 3.904 billion yuan, a year-on-year increase of 13.15% [1] Additional Financial Performance - Zhou Hei Ya reported a mid-year profit attributable to shareholders of 108 million yuan, a year-on-year increase of 228% [2] - Haitian Flavoring reported a net profit of 3.91 billion yuan, a year-on-year increase of 13.3% [2] - Dasheng Holdings reported a mid-year adjusted net profit growth of 79.6% driven by store expansion and membership growth [2] - CITIC Securities reported a net profit of 4.509 billion yuan, a year-on-year increase of 57.77% [2] - Huitongda reported a mid-year profit attributable to shareholders of 13.9 million yuan, a year-on-year increase of 10.81% [2] - Yunfeng Financial reported a mid-year profit attributable to shareholders of 486 million HKD, a year-on-year increase of 142.04% [2] - Jiufang Zhitu reported a mid-year profit attributable to shareholders of 865 million yuan, returning to profitability [2] - Air China reported a net loss of approximately 1.806 billion yuan, a year-on-year narrowing of 35.11% [2] - ZTE reported a net profit of approximately 5.058 billion yuan, a year-on-year decrease of 11.77% [2] - China Merchants Securities reported a net profit of 5.186 billion yuan, a year-on-year increase of 9.23% [2] - Datang Power reported a net profit of approximately 4.874 billion yuan, a year-on-year increase of 50.3% [2] - China Pacific Insurance reported a net profit of 27.885 billion yuan, a year-on-year increase of 11% [2] - Beijing Capital International Airport reported a post-tax loss of 164 million yuan, a year-on-year narrowing of 56.48% [2] - Dongguan Rural Commercial Bank reported a mid-year net profit of 2.629 billion yuan [2] - Shenzhen Holdings reported a mid-year loss attributable to shareholders of 2.618 billion HKD, a year-on-year increase of 137.76% [2] - China Southern Airlines reported a net loss of 1.534 billion yuan, a year-on-year increase of 45.54% [2] - COSCO Shipping Holdings reported a profit attributable to shareholders of 17.528 billion yuan, a year-on-year increase of 3.9% [2] - Guofu Hydrogen Energy reported revenue of 10.9 million yuan, actively expanding overseas cooperation and business layout [2] - Kangsheng Global reported a mid-year gross profit of 197 million yuan, with stable progress across all businesses [2] - Dongfang Electric reported a net profit of 1.91 billion yuan, a year-on-year increase of 12.91%, maintaining the industry's leading market share in nuclear and gas power [2] - Eagle Eye Technology reported a profit of 443,000 yuan, returning to profitability [2] - Haier Smart Home reported a profit attributable to shareholders of 12.033 billion yuan, a year-on-year increase of 15.6% [2] - EDA Group Holdings reached a partnership agreement with UTCPAY to collaborate in digital asset trading, Web3 technology, and blockchain applications [2] - Gilead Sciences reported that ASC30 oral tablets showed good and differentiated pharmacokinetic characteristics in the U.S. Phase Ib multi-dose escalation study [2]

达势股份(01405)公布2025年中期业绩，收入约25.93亿元，同比增长27%;公司拥有人应占期内利润 6592.4万元，同比增长504.4%;经调整净利润为9142万元，同比增长79.6%;每股基本盈利0.5元。公告 称，收入增长主要是由于集团在全国范围内持续扩张门店网络，加上于新市场的新门店产生的销售额强 劲，及于现有市场的销售趋势持续良好。 公司的会员人数达3010万人，同比增长超55%，会员销售贡献占比66%，充分展现了公司在新客户招募 与留存上的能力;同时，公司门店网络的快速扩张叠加数字化应用的加速渗透，进一步助力公司客户基 础实现显著扩容。 截至2025年6月30日，公司于中国大陆的48个城市直营1,198家门店。期内，集团于一线城市共经营515 家门店，占门店总数的43%。于非一线城市市场共经营683家门店，占门店总数的57%。 公司计划于2025年开设300家门店。于2025年上半年，公司净开190家新店。截至2025年8月15日，公司 额外净开43家门店，另有27家门店在建，35家门店已签约，有望实现2025年全年300家门店的开店目 标。 ...

公司计划于2025年开设300家门店。于2025年上半年，公司净开190家新店。截至2025年8月15日，公司 额外净开43家门店，另有27家门店在建，35家门店已签约，有望实现2025年全年300家门店的开店目 标。 公司的会员人数达3010万人，同比增长超55%，会员销售贡献占比66%，充分展现了公司在新客户招募 与留存上的能力;同时，公司门店网络的快速扩张叠加数字化应用的加速渗透，进一步助力公司客户基 础实现显著扩容。 智通财经APP讯，达势股份(01405)公布2025年中期业绩，收入约25.93亿元，同比增长27%;公司拥有人 应占期内利润 6592.4万元，同比增长504.4%;经调整净利润为9142万元，同比增长79.6%;每股基本盈利 0.5元。公告称，收入增长主要是由于集团在全国范围内持续扩张门店网络，加上于新市场的新门店产 生的销售额强劲，及于现有市场的销售趋势持续良好。 截至2025年6月30日，公司于中国大陆的48个城市直营1,198家门店。期内，集团于一线城市共经营 515 家门店，占门店总数的43%。于非一线城市市场共经营 683家门店，占门店总数的57%。 ...

Performance Summary - SF Holding reported a revenue of 146.858 billion yuan, a year-on-year increase of 9.26%, and a net profit of 5.738 billion yuan, up 19.37% year-on-year [2] - Shanghai Pharmaceuticals achieved a revenue of 141.593 billion yuan, a growth of 1.56%, with a net profit of 4.459 billion yuan, increasing by 51.56% [2] - New China Life Insurance's revenue reached 69.429 billion yuan, a 25.5% increase, and a net profit of 14.799 billion yuan, up 33.5% [2] - Huadian International Power's revenue was 59.953 billion yuan, down 8.98%, while net profit increased by 13.15% to 3.904 billion yuan [2] - China Pacific Insurance reported a revenue of 55.964 billion yuan, a slight increase of 0.2%, and a net profit of 6.764 billion yuan, up 12.2% [2] - CITIC Securities had a revenue of 46.552 billion yuan, a 16.28% increase, and a net profit of 13.719 billion yuan, up 29.79% [2] - Beijing Enterprises Holdings reported a revenue of 44.529 billion yuan, a 5.2% increase, and a net profit of 3.404 billion yuan, up 8.1% [2] - Li Auto's vehicle sales revenue for Q2 2025 was 28.9 billion yuan, down 4.7%, with a net profit of 1.093 billion yuan, a decrease of 0.9% [2] - Huishang Bank reported a revenue of 21.157 billion yuan, a 2.25% increase, and a net profit of 9.109 billion yuan, up 5.55% [2] - SMIC achieved a revenue of 4.456 billion USD, a 22% increase, with a net profit of 320 million USD, up 35.6% [2] - China Galaxy Securities reported a total revenue of 18.798 billion yuan, an 18.92% increase, and a net profit of 6.488 billion yuan, up 47.86% [2] - Zhongjun Group Holdings had a revenue of 18.521 billion yuan, down 25.4%, with a net loss of 3.48 billion yuan, a narrowing of 5.5% [2] - BeiGene reported a revenue of 2.433 billion USD, a 44.7% increase, and a net profit of 95.59 million USD, turning from a loss of 372 million USD [2] - SF Express City reported a revenue of 10.236 billion yuan, up 48.8%, and a net profit of 137 million yuan, up 120.4% [2] - China Shipbuilding Defense reported a revenue of 10.173 billion yuan, a 16.54% increase, and a net profit of 526 million yuan, up 258.46% [2] - Qingdao Port reported a revenue of 9.434 billion yuan, a 4.04% increase, and a net profit of 2.842 billion yuan, up 7.58% [2] - Shanghai Industrial Holdings reported a revenue of 9.476 billion yuan, down 8.6%, and a net profit of 1.042 billion yuan, down 13.2% [2] - Everbright Securities reported a revenue of 7.481 billion yuan, a 17.7% increase, and a net profit of 1.683 billion yuan, up 21% [2] - Baozun reported a revenue of 4.617 billion yuan, a 5.63% increase, with a net loss of 97.04 million yuan, narrowing [2] - Sichuan Chengyu Expressway reported a revenue of 4.08 billion yuan, down 23.3%, and a net profit of 838 million yuan, up 20.1% [2] - Baideli Holdings reported a revenue of approximately 3.813 billion yuan, down 10.9%, and a net profit of 7.1 million yuan, down 79.1% [2] - Tigermed reported a revenue of 3.25 billion yuan, down 3.21%, and a net profit of 383 million yuan, down 22.22% [2] - Zhengli New Energy reported a revenue of 3.172 billion yuan, a 71.9% increase, and a net profit of 220 million yuan, turning from a loss of 130 million yuan [2] - Sensong International reported a revenue of 2.687 billion yuan, down 22.7%, and a net profit of 338 million yuan, down 10.15% [2] - Dasheng Holdings reported a revenue of approximately 2.593 billion yuan, a 27% increase, and a net profit of 65.924 million yuan, up 504.4% [2] - SenseTime reported a revenue of 2.358 billion yuan, a 35.6% increase, with a gross profit of 908 million yuan, up 18.4%, and an adjusted net loss of 1.162 billion yuan, narrowing by 50% [2] - Ruian Real Estate reported a revenue of 2.074 billion yuan, flat year-on-year, with a net profit of 51 million yuan, down 29.2% [2] - Shangri-La Asia reported a revenue of 1.056 billion USD, a 0.7% increase, and a net profit of 57.9 million USD, down 38.7% [2] - Quanfeng Holdings reported a revenue of 912 million USD, an 11.9% increase, and a net profit of 95.217 million USD, up 54.8% [2] - COSCO Shipping Ports reported a revenue of 806 million USD, a 13.6% increase, and a net profit of approximately 182 million USD, up 30.6% [2] - Tianjin Development reported a revenue of 1.719 billion yuan, down 5.59%, and a net profit of 344 million yuan, up 19.57% [2] Company News - Sillodic Pharmaceuticals successfully administered the new radiolabeled drug 3D1015 to patients with PSMA-positive metastatic castration-resistant prostate cancer, demonstrating safety and preliminary efficacy [2] - Shoucheng Holdings signed a strategic cooperation framework agreement with Alter and Alrite to jointly promote breakthroughs in robotics technology, scene implementation, and industrial chain collaboration [2]

Investment Rating - The report assigns an "Outperform" rating to several companies including China Feihe, Huazhu, and others, while Budweiser APAC is rated as "Neutral" [1]. Core Insights - The report indicates a slight rebound in spot costs for essential consumer goods, with most indices showing an increase, while futures indices generally declined [35]. - The overall trend in the consumer goods sector reflects a mixed performance, with some categories experiencing cost increases while others face declines [8][35]. Summary by Category Beer - The spot cost index for beer increased by 0.39% month-on-month, while the futures index decreased by 6.06%. Year-to-date changes show a decline of 4.17% for spot and 6.16% for futures [36][13]. - Glass prices initially rose but later fell, with month-on-month changes of +0.3% for spot and -13.9% for futures [12]. Seasonings - The spot cost index for seasonings decreased by 0.16% month-on-month, while the futures index fell by 5.93%. Year-to-date changes are -1.76% for spot and -6.01% for futures [37]. - Domestic soybean prices have increased due to supply contraction, while imported soybeans remain weak [16]. Dairy - The spot cost index for dairy products increased by 0.7% month-on-month, while the futures index decreased by 1.44%. Year-to-date changes are -3.2% for spot and -2.11% for futures [38]. - Fresh milk prices have declined to 3.02 yuan/kg, with various factors contributing to price pressures [19]. Instant Noodles - The spot cost index for instant noodles increased by 1.3% month-on-month, while the futures index decreased by 2%. Year-to-date changes are -3.01% for spot and -4.21% for futures [39]. - Palm oil prices have risen, impacting overall costs [23]. Frozen Foods - The spot cost index for frozen foods increased by 1.15% month-on-month, while the futures index rose by 0.97%. Year-to-date changes are -1.83% for spot and -2.74% for futures [40]. - Vegetable prices have shown significant fluctuations due to seasonal demand [27]. Soft Drinks - The spot cost index for soft drinks increased by 0.78% month-on-month, while the futures index decreased by 5.63%. Year-to-date changes are -4.99% for spot and -8.6% for futures [41]. - PET prices are stable to weak, reflecting changes in demand and inventory levels [31].

智通财经APP讯，达势股份(01405)公布2025年中期业绩，收入约25.93亿元，同比增长27%;公司拥有人 应占期内利润 6592.4万元，同比增长504.4%;经调整净利润为9142万元，同比增长79.6%;每股基本盈利 0.5元。 公告称，收入增长主要是由于集团在全国范围内持续扩张门店网络，加上于新市场的新门店产生的销售 额强劲，及于现有市场的销售趋势持续良好。 于北京及上海，该集团的总收入同比增加6.0%至8.44亿元，主要由于现有门店实现的正同店销售增长， 同时也受到报告期末相比去年同期新增运营的 8家门店的轻微推动。另外两个一线城市深圳及广州亦录 得类似增长，于报告期间实现正同店销售增长及新增九家门店。截至报告期间末，集团于一线城市共经 营 515家门店，占门店总数的43%，合共产生销售额10.847亿元，占总收入的41.8%，同比增长7.2%。集 团相信，于一线城市的同店销售增长持续良好真实反映了集团在该等高度竞争市场中具有韧性的表现及 强大的品牌知名度。 此外，新增长市场(即非一线城市，不包括深圳及广州)产生的收入，同比增加46.6%至15.087亿元，主要 由于于报告期内增加开业门店间数 ...